https://www.taxtmi.com/caselaws?id=100142 A debenture transaction with a conversion option was treated as a valid issue of convertible debentures, not a direct allotment of shares under the further issue of capital regime, because the documentary record as a whole consistently supported that characterisation. Waiver of the contractual one-month notice for conversion did not by itself establish mala fides, as the notice period was only a contractual incident and no improper purpose was proved. Relief was also defeated by the plaintiffs' acquiescence and ratification after knowledge of the transaction. Non-joinder of the debenture trustee did not vitiate the suit, but rectification of the register was refused on equitable and discretionary grounds. en-us Tue, 03 May 1983 00:00:00 +0530 Tue, 31 Jan 2012 13:10:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=100142 A debenture transaction with a conversion option was treated as a valid issue of convertible debentures, not a direct allotment of shares under the further issue of capital regime, because the documentary record as a whole consistently supported that characterisation. Waiver of the contractual one-month notice for conversion did not by itself establish mala fides, as the notice period was only a contractual incident and no improper purpose was proved. Relief was also defeated by the plaintiffs' acquiescence and ratification after knowledge of the transaction. Non-joinder of the debenture trustee did not vitiate the suit, but rectification of the register was refused on equitable and discretionary grounds. Case-Laws Companies Law Tue, 03 May 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=100142